A Housing Bubble? Industry Experts Say NO!

Housing

With residential home prices continuing to appreciate at levels above historic norms, some are questioning if we are heading toward another housing bubble (and subsequent burst) like the one we experienced in 2006-2008.

Recently, five housing experts weighed in on the question.

Rick Sharga, Executive VP at Ten-X:

“We’re definitely not in a bubble.”

“We have a handful of markets that are frothy and probably have hit an affordability wall of sorts but…while prices nominally have surpassed the 2006 peak, we’re not talking about 2006 dollars.”

Christopher Thornberg, Partner at Beacon Economics:

“There is no direct or indirect sign of any kind of bubble.”

“Steady as she goes. Prices continue to rise. Sales roughly flat.…Overall this market is in an almost boring place.”

Bill McBride, Calculated Risk:

“I wouldn’t call house prices a bubble.”

“So prices may be a little overvalued, but there is little speculation and I don’t expect house prices to decline nationally like during the bust.”

David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices:

“Housing is not repeating the bubble period of 2000-2006.”

“…price increases vary unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months’ supply is declining, not surging.”

Bing Bai & Edward Golding, Urban Institute:

“We are not in a bubble and nowhere near the situation preceding the 2008 housing crisis.”

“Despite recent increases, house prices remain affordable by historical standards, suggesting that home prices are tracking a broader economic expansion.”

Posted by The KCM Crew

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Homeowners: Do You Know Your Home’s Value?

Home Value

The latest edition of CoreLogic’s Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month. The release of the report included this headline,

“National Home Prices Now 50% Above March 2011 Bottom”

The real estate market has come a long way since 2011, which is great news for homeowners!

Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated.

Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year!

Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year.

Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,

“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”

Bottom Line

Do you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Let’s get together to perform an equity analysis and give you the freedom to achieve your dreams.

 

Click HERE to find out how much your home is worth today!

10 Waterfront Homes Under $300,000

From quaint beach cottages to lake houses with views from every room, these homes are appealing and affordable.

Finding a budget-friendly house on the water might be easier than you think. We found listings across the country that are easy on the eye and the wallet.

Whether you’re ready to land a waterfront home or just daydream, check out these 10 homes under $300,000.

Tahoe Vista, CA

6750 N Lake Blvd #10F, Tahoe Vista, CA

For sale: $225,000

Photo from Zillow listing.

Overlooking gorgeous Lake Tahoe, this 3-bedroom, 3.5-bathroom lakefront home is available for shared ownership, giving you 6 weeks here per year. In addition to a lakefront pool, fire pit and BBQ, the Tonopalo community offers access to a luxurious spa, workout facility, sandy beach, sail boats, kayaks, stand-up paddle boards and more.

See more Tahoe Vista homes for sale.

Myrtle Beach, SC

813 Golden Willow Ct, Myrtle Beach, SC
For sale: $224,500

Photo from Zillow listing.

Perfect for family fun in the sun, this spacious lakefront home has top-rated schools nearby, according to GreatSchools.org. The 3-bedroom, 3-bathroom interior includes an office and dining room, granite countertops, stainless steel appliances and a breakfast nook overlooking the lake.

See more homes for sale in Myrtle Beach.

Bellingham, WA

0 Eliza Island LOT 65, Bellingham, WA
For sale: $267,000

Photo from Zillow listing.

Located on Eliza Island in breathtaking Bellingham Bay, this high-bank waterfront home has sweeping mountain, sound and bay views. Custom built with an open floor plan, vaulted ceilings, a large loft and spiral stairway, this home is stunning inside and out.

See more Bellingham homes for sale.

Darlington, MD

4400 Bryce Ln #273118, Darlington, MD
For sale: $198,450

Photo from Zillow listing.

Perched atop Broad Creek, this 2-bedroom, 2-bathroom home brings posh style to a rustic retreat. In addition to having waterfront dock access, the house includes a master suite, spacious front and back decks, and a family room perfect for entertaining.

See more Darlington homes for sale.

Sodus, NY

5537 Centenary Shrs, Sodus, NY
For sale: $157,500

Photo from Zillow listing.

Overlooking serene Lake Ontario, this 528-square-foot cottage has a spacious deck and beachfront perfect for paddling out with kayaks. The interior features an oak kitchen, fireplace and floor-to-ceiling windows overlooking the water.

See more listings in Sodus.

Saint Germain, WI

1583 Pine Valley Rd, St. Germain, WI
For sale: $129,000

Photo from Zillow listing.

This 2-bedroom, 1-bathroom lakefront cabin offers access to all that Little Saint Germain Lake has to offer, including 13 miles of shoreline and numerous bays and islands to explore. The property spans 8 acres with a fire pit, playground and recreation room.

See more homes for sale in Saint Germain.

Golden, MO

25391 Farm Road 2265, Golden, MO
For sale: $188,950

Photo from Zillow listing.

Situated on half an acre, this newly remodeled lakefront home has plenty of indoor and outdoor space to entertain. In addition to nicely landscaped grounds and multiple decks, its interior has vaulted pine ceilings and a modern kitchen.

See more homes for sale in Golden.

Rockwood, TN

272 Pin Oak Dr, Rockwood, TN
For sale: $275,000

Photo from Zillow listing.

Boasting panoramic views of Watts Bar Lake, this 4-bedroom, 3-bathroom property has abundant outdoor space to enjoy the scenery, including three decks with hammocks and a hot tub. Every bedroom and living area overlooks the lakefront, which is outfitted with a large covered dock and electric boat lift.

See more homes for sale in Rockwood.

Reed City, MI

9011 Lake Dr, Reed City, MI
For sale: $155,000

Photo from Zillow listing

Sporting a private sandy beach on beautiful Todd Lake, this 2-bedroom, 1-bathroom home has been updated with granite countertops and a custom wrap-around deck with sweeping lake views. Close to fishing, trails and other lakes, this home is ideal for an outdoor enthusiast.

See more listings in Reed City.

Bay Saint Louis, MS

10250 Bayou View Dr E, Bay Saint Louis, MS
For sale: $159,900

Photo from Zillow listing.

Built on an acre of land, this 1-bedroom, 1-bathroom tiny home packs a lot outside its small frame. With 200 feet of Breaths Bayou waterfront, this home is outfitted with a powered boat launch and RV pad. It’s surrounded by mature trees, including queen palms, oak and cedar.

See more listings in Bay Saint Louis.

Lead photo from Zillow listing.

 

Posted by Sharona Ott on Zillow

 

10 Tips on Keeping Your Home Smelling Fresh

Have you ever walked in your home and something was just out of whack?  A stench takes your breath away when you walk into a room. You know what we are talking about … your home just stinks! Keeping your home smelling fresh can be simple with a few tips.

Flowers

Open Your Windows

That’s right, start by opening your windows to let the fresh air in. A good cleaning out of the house with fresh air is the perfect step to removing odors.

Add Fresh Flowers

If you do not have allergies and do have a few extra dollars, practice what some European countries practice. Get yourself some fresh flowers. Fresh flowers can brighten up a room but they also make a room smell so beautiful. Choose your favorite scented flower and keep in your favorite room. Lilacs and roses are great flowers that have vibrant scents.

Change Your Air Filters

Fresh air starts with the air flowing through your ventilation system. To have clean air and to keep your home healthy, remember to regularly change your air filters. Depending on the type of air filters you have, you will change them every 2 – 6 months. We recommend changing them at least four times in the year.

Add Scented Fragrances

Adding candles or plug ins or some other scented item to your home can step up and remove the stink from your abode. There are so many scented items to make your home smell good. Try using oils and reeds. Even natural fragrances like gently simmering herbs and cinnamon on stovetop with some water can make a home smell homey.

Clean Your Trash Cans

We quickly throw out trash and use bags to store it, thinking that these bags can protect the cans they cover. But our cans carry odors from our coffee grounds, left over foods, boxes and containers from yogurt and milk. These items carry odors that stay with the trash cans. Take the time and wash out the trash cans regularly, and practice using baking soda in your bags to limit the odors.

Run a Cleaning Solution in Your Garbage Disposals

Garbage disposals naturally crush food to allow the flow of water in your sinks. But food creates odors. And therefore, your sinks can smell like a trash can. Using a disposal cleaner that you buy in the store is simple to run in your garbage disposal. Also using some white vinegar or ¼ of a whole lemon to clean the disposal is a good thing. To sharpen the disposal blades, add a few ice cubes to the disposal and run the disposal.

Clean your Washer

Fine smelling clothes can smell good on our bodies and in our closets. But foul, musty, and mildew scents can exist if you have a washing machine that has not been cleaned. Simply running some vinegar in a washing cycle without any clothes can clean any odors from the washer that can cause mildew like scents.

Run a solution through Your Dishwasher

Dishwashers are another area of the homes that have lingering odors from caked on food and dirty dishes. You can buy specific dishwasher cleaners from your store and run per the directions. Or like with the washing machine, use vinegar in the dishwasher to run a full empty cycle. Once you have run the cycle, you will have a fresh clean smelling dishwasher ready to take on any grime.

Clean Your Microwave

Like dishwashers, microwaves can carry ongoing smells from food. Food can also splatter on the walls of the microwave. So time to wipe down the inside of the microwave. Using a bowl of 2 parts water and 1 part vinegar, place it in the microwave. Turn the microwave on high for 4 – 6 minutes. Remove the bowl and wipe down the inside of the oven. Now a fresh smelling microwave.

Give your Pets a Bath

We love our pets and they are family. But our pets have fur and dander and pets do not take showers and baths regularly like we do. They go outside in the rain and sun to play in the grass. All fun things for our pets, but our pets then come in our homes and our homes can smell like a wet dog. Giving our pets baths regularly and brushing their fur will help keep our homes fresh and clean.

 

Posted on HomeZada

3 Home Upgrade Options for a $3,000 Budget

Get more impact from your next home improvement project with one of these ideas, each with a $3,000 price tag.

The top priority for most buyers when house hunting is function. While charm and character go a long way, they can’t overcome a bad layout, lack of storage, or a poor use of materials.

To really love the home you’re in and increase potential buyers’ interest, choose updates that will make living in your home easier.

For the small renovation budget of $3,000, you could complete any one of the projects below to boost the appeal, functionality and value of your home.

Add a covered entry

Many homes, especially older ones, don’t have a covered front door. Adding cover will not only greatly increase the curb appeal of your home, but also make your life easier. Say goodbye to fumbling for your keys in the rain with an armful of groceries.

A covered entry also offers guests a warm welcome, providing shelter while they wait at the door.

Upgrade1

Create an open floor plan

Much new home construction today makes use of an open floor plan. A home where one room flows into the next is convenient for everyday family life, and is also a huge advantage when entertaining guests.

Upgrade2

Creating an open floor plan in your home may be as simple as removing a wall. For a small investment, you can hire a contractor to take down a wall, creating a larger, more open space.

Homes with open floor plans often feel larger, which is a great selling point.

Upgrade to natural stone countertops

Whether you’re loving your home or selling it, one place upgrades have a major impact is the kitchen. Upgrading standard countertops can do wonders for the style of your kitchen, and also make the room more functional.

Upgrade3

Natural stone countertops like granite are among the most durable on the market. Heavily resistant to scratches and high temperatures, they can stand up to anything you can cook up.

You can’t go wrong with any of these affordable updates. Each will make your home work better for your needs, and will be selling points for any future buyers.

 

Posted by Lindsay Jackman on Zillow

Buying this Spring? Be Prepared for Bidding Wars

Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different!

Buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes that are available.

A recent Bloomberg article touched on the current market conditions:

“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.”

Sam Khater, Deputy Chief Economist at CoreLogic went on to explain why buyers are flocking to the market in big numbers:

“In today’s market, many buyers think the trough in [interest] rates is over. If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”

In some markets, “thirty-five percent of properties are selling within the first week or two of hitting the market.” Homes are selling at a rapid clip in places like:

  • Denver, CO
  • Seattle, WA
  • Oakland, CA
  • Grand Rapids, MI
  • Boise, ID
  • Madison, WI
  • Omaha, NE

Bottom Line

In today’s competitive atmosphere, you need a professional on your side who knows your exact market conditions and can help you take the steps you need to be able to secure your new home!

 

Posted by The KCM Crew

Renting or Buying… Either Way You’re Paying a Mortgage

20170327-Share-KCM

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business, explained this month in their article, “12 Practical Steps to Getting Rich”:

While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.23% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

Posted by The KCM Crew